Matt M. was looking for a single-family home in Edmonton. He’s been a seasonal employee for a big oil company in Alberta since 2014. He averaged a salary between $75,000 and $80,000 in his first two years, but in 2016, that dipped a little lower to $62,000 because he took some extra time off for traveling.

He has 10 per cent for a down payment and a strong credit history. Prior to the mortgage rule changes, he was able to purchase a home for $380,000, where he can find a lot of great starter single-family homes. With the new rules and using 4.64 per cent qualifying rate, his purchase price drops to $310,000. It is very hard to find single-family homes in this price range.